BizBuyer.com to Close on Lack of Profitability

By Karen Kaplan

Dec. 22, 2000 12 AM PT

BizBuyer.com, a Santa Monica-based firm that allows businesses to request bids for services over the Internet, said this week it would shut its operations. The 2-year-old company raised more than $44 million and still has $35 million in the bank, but that won’t be enough to carry it to profitability. Therefore, “the responsible decision was to close operations and return the remaining cash to our investment partners,” said founder and Chief Executive Bernard Louvat. The company’s 100 employees were told of the decision Wednesday. BizBuyer.com’s Web site will be shut down by the end of the week.

More to Read

Business Technology and the Internet

Karen Kaplan

Karen Kaplan covers science and medical research for the Los Angeles Times. She has been a member of the science team since 2005, including 13 years as an editor. Her first decade at The Times was spent covering technology in the Business section as both a reporter and editor. She grew up in San Diego and is a graduate of MIT and Columbia University.

BizBuyer.com to Close on Lack of Profitability

More to Read

More From the Los Angeles Times